1st National Bank of Scotia's President/CEO Appointed to U.S. Consumer Financial Protection Bureau’s Community Bank Advisory Council
Monday, Sept. 28., 2020 -- John Buhrmaster, president and CEO of 1st National Bank of Scotia, has been tapped to serve on the U.S. Consumer Financial Protection Bureau’s (CFPB) Community Bank Advisory Council (CBAC) for a two-year term.
CBAC members advise Bureau leadership on how the CFPB’s policies and rulemakings affect community banks with assets of $10 billion or less.
“I am excited to be appointed to a seat with the CBAC, which is an important part of the CFPB’s efforts to develop practical rules that protect consumers and that community banks can embrace,” said Buhrmaster. “The CFPB is also taking a lead role in developing tools to improve the financial education of consumers of all ages, a key failing of the system before the 2008 financial crisis.
“My background in education, banking, collections, non-profits, and as a past chairman of Independent Community Bankers of America (ICBA), have given me the tools to advise the Bureau on effective ways to financially educate our population on how to manage their own finances, and how not to be tricked by scammers, a true passion of mine,” he said. “Our mission at 1st National Bank of Scotia centers around making people’s lives better, and I cannot think of a better way for me to apply my efforts than by advising our nation’s premier consumer rule-making entity.”
A fourth generation community banker, Buhrmaster has more than 33 years of experience in the financial services industry. He has served as president and CEO of 1st National Bank of Scotia, an independently owned and operated bank with branches in Albany, Saratoga and Schenectady counties and assets of $500 million, since 2005.
Buhrmaster is the former chairman of the ICBA, a national trade group representing the interests 5,000 community banks, and chairman of the Independent Bankers Association of New York State.
The Scotia native holds an undergraduate degree in management information systems and marketing from Syracuse University.
For more information, please visit firstscotia.com.